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DROWNING IN DEBT?

DROWNING IN DEBT?
WANT A FRESH START
THINKING ABOUT FILING BANKRUPTCY BUT TOO EMBARASSED?
DON’T BE!

These unprecedented times are causing economic havoc on many and are having a negative impact on many individuals and families. Events such as: loss of a job, reduction in work hours, and business slow down/shut down has caused many to suffer financial hardships. When faced with the choice between paying credit cards and buying food, the credit cards don’t get paid. Before you know it, THE BILLS ARE TOO MUCH AND YOU DON’T KNOW WHAT TO DO!

Well, there is an answer. Consider filing for bankruptcy. Yes, I said bankruptcy! Federal laws govern bankruptcy and a fundamental goal of the bankruptcy laws is to give debtors a “fresh start” from their burdensome debt. The bankruptcy discharge accomplishes this goal by releasing the debtor from personal liability for discharged debt. Once a debt is discharged, creditors are prohibited from trying to collect the debt. It is important to note that certain debts are not dischargeable such as: most taxes, student loans, family support orders, property settlement obligations, government fines, and court fees.

Two of the most common bankruptcy chapters filed by individual consumers are Chapter 7 and Chapter 13. Chapter 7 is available when debtors are having financial difficulty and cannot afford to pay their existing debts. When the debts are primarily consumer debts, the debtor must meet a ‘Means Test’. The Means Test determines whether the debtor should be allowed to proceed under a Chapter 7 Bankruptcy. Under Chapter 7 certain property may be exempt, which means the debtor gets to keep the property.

Chapter 13 is available for debtors who have a regular source of income and want to repay all or part of their debts in installment payments over a period of time. For debtors behind in their mortgage, Chapter 13 is preferable because under an approved plan debtors can keep their house. The payment plan must be approved by the court before it can take effect. Chapter 13 is also available to debtors that do not meet the Means Test under Chapter 7.

After serious consideration, bankruptcy may be a viable path to a fresh start!!!

ABOUT LINDA A. LINDSEY

Linda A. Lindsey is a life-long resident of the Inland Empire and she is President of Lindsey Law, APC. She is not only a licensed attorney in the State of California and the United States – Central District Court of California; she also holds an M.B.A. and has over 25 years of successful for-profit and non-profit business experience. She believes that all persons should have access to justice and even with a busy law practice she contributes her time and energy at local legal aid agencies. Ms. Lindsey provides legal representation in the areas of family law, bankruptcy, probate: conservatorships & guardianships, and criminal defense.  Lindsey Law, APC is dedicated to providing its clients with quality legal representation from inception to conclusion. To learn more about Ms. Lindsey and Lindsey Law, APC, please visit http://lindseylawoffice.net